SK Telecom Spinoff Acquires $75M Stake in Crypto Exchange Korbit: Report

SK Telecom Spinoff Acquires $75M Stake in Crypto Exchange Korbit: Report

An investment company spun off from South Korean telecoms provider SK Telecom has acquired a 35% stake in crypto exchange Korbit worth 90 billion won ($75 million).

  • According to a report by Korea JoongAng Daily, SK Square became Korbit’s second-largest shareholder behind NXC, the owner of video game company Nexon.
  • SK Square and Korbit will explore opportunities for integration between their respective metaverse platforms, or shared virtual environments.
  • Korbit, one of Korea’s largest crypto exchanges, also aims to use the investment to enhance its services to make for a more secure trading environment.
  • The exchange launched South Korea’s first non-fungible token (NFT) marketplace in June, enabling trading of digital assets using ether.

Read more: Nearly 70 South Korean Crypto Exchanges May Have to Suspend Service: Report

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